Introduction
The Credit-Based Money Market
3Jane protocol is a peer-to-pool credit-based money market enabling algorithmic, real-time uncollateralized USDC credit lines for yield farmers, traders, businesses, and/or AI agents. 3Jane introduces a scalable and permissionless lending system that extends capital to borrowers based on verifiable financial proofs of crypto assets and credit data, rather than posting onchain collateral alone. 3Jane expands instant capital access across two key borrower segments:
greater borrowing power and capital-efficiency for asset-rich yield farmers and traders by leveraging their entire financial profile across all DeFi assets, centralized exchanges, brokerage, and bank assets.
enables capital access to high-productivity asset-light businesses and AI agents for working capital and growth financing across financial markets, service markets, and resource markets, underwritten against their future cash-flows.
The protocol has three primary functionalities:
Core money market: two-sided market where suppliers deposit USDC into the pool to mint USD3, and optionally stake for sUSD3, and get exposure to a diverse pool of credit lines to crypto borrowers. On the other side, borrowers permissionlessly connect their ETH address and bank account via Plaid and instantly generate a 0% collateral open-term variable-rate USDC credit facility
Credit underwriter: 3Jane-operated offchain credit underwriting algorithm 3CA that underwrites credit lines against all of a user’s verifiable (1) DeFi assets, offchain assets, and future assets (ie. cash flows) and (2) onchain/offchain credit scores. It derives the credit line amount, default credit risk premium interest rate on top of the base money market interest rate, and the repayment rate
Credit slasher: 3Jane maintains protocol solvency by implementing three mechanisms for incentivizing repayment: (1) slashing the 3Jane score which decreases future credit line sizes and increases future interest rates (2) pooled upside model where late interest repayments from defaulters is distributed pro-rata across all existing borrowers (3) initiating a non-performing loan (NPL) auction which engages licensed U.S. collections agencies who may bid on collecting the debt on a contingency basis and subsequently pursue legal recourse if necessary
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